Relationship Lab

How a series has moved with others: the correlation of daily changes (% for prices, bp for rates) over 1 and 3 years, the beta, a rolling correlation and whether one tends to move first. Correlation is not causation, and it changes over time.

Workday (WDAY) against…

Series	1M	3M	1Y	n 1Y	3Y	3M − 3Y ↓	Beta 1Y
Arista (ANET) ANET	−0.26	−0.44	−0.11	250	0.12	−0.56 ⇄	−0.11	scatter
Coherent (COHR) COHR	−0.56	−0.48	−0.34	250	0.00	−0.47	−0.22	scatter
Eaton (ETN) ETN	−0.39	−0.42	−0.33	250	−0.02	−0.41	−0.45	scatter
Ciena (CIEN) CIEN	−0.59	−0.42	−0.31	250	−0.01	−0.41	−0.23	scatter
PHLX Semiconductor (SOX) sox	−0.03	−0.38	−0.32	238	0.01	−0.39 ⇄	−0.39	scatter
Dell (DELL) DELL	0.11	−0.25	0.04	250	0.13	−0.38 ⇄	0.03	scatter
CoreWeave (CRWV) CRWV	−0.58	−0.41	−0.12	250	−0.06	−0.35	−0.07	scatter
UST 10YR ust10y	−0.18	−0.31	−0.01	238	0.00	−0.30	−0.01	scatter
Brent brent	0.26	−0.31	−0.01	238	−0.02	−0.29	−0.01	scatter
UST 2YR ust2y	−0.17	−0.28	−0.02	238	0.01	−0.29 ⇄	−0.02	scatter
Nasdaq 100 ndx	0.07	−0.02	−0.03	238	0.25	−0.26 ⇄	−0.07	scatter
Constellation (CEG) CEG	−0.29	−0.26	−0.17	250	−0.05	−0.22	−0.20	scatter
JCI (IHSG) jci	0.58	−0.18	−0.08	220	0.00	−0.19 ⇄	−0.18	scatter
USD/IDR usdidr	0.07	0.09	0.01	238	−0.06	+0.16 ⇄	0.07	scatter
S&P 500 spx	0.21	0.17	0.08	238	0.33	−0.15	0.35	scatter
INDOGB 10YR id10y	−0.05	−0.16	−0.04	213	−0.01	−0.15	−0.02	scatter
Copper copper	0.20	−0.11	−0.14	238	0.03	−0.14 ⇄	−0.28	scatter
Digital Realty (DLR) DLR	−0.15	−0.08	−0.12	250	0.04	−0.13 ⇄	−0.23	scatter
LQ45 lq45	0.65	−0.06	−0.04	220	0.04	−0.10 ⇄	−0.08	scatter
DXY dxy	−0.13	−0.04	0.04	238	0.05	−0.09 ⇄	0.45	scatter
Bitcoin btc	−0.24	0.00	0.11	239	0.07	−0.07 ⇄	0.14	scatter
Gold gold	−0.14	−0.06	−0.10	238	−0.09	+0.02	−0.19	scatter
Newcastle coal coal	–	–	–	0	–	–	–	scatter

Compared with the headline cross-asset series and the series in the same catalog category and country. Changes are matched on common dates. Beta = change in Workday (WDAY) per unit change in the other series (least squares, 1 year). Amber: fewer than 20 common changes (hover a value for its n). Stability: the 3-month correlation minus the 3-year one; ⇄ marks opposite signs. A change in correlation describes the past; it does not say the relationship has broken or will return. Data ↓

Workday (WDAY) · Arista (ANET)

20 60 120 252

Rolling correlation of daily changes over the last 60 common readings, last 3 years.

Who moves first? (1 year)

Lag (readings)	-10	-9	-8	-7	-6	-5	-4	-3	-2	-1	+0	+1	+2	+3	+4	+5	+6	+7	+8	+9	+10
correlation	0.01	−0.01	−0.01	−0.06	0.05	0.06	0.06	−0.01	0.04	0.02	−0.11	0.11	0.14	−0.01	0.00	0.10	−0.11	−0.07	−0.10	0.03	0.10

Lag +k: today's change in Workday (WDAY) against the change in Arista (ANET) k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.